Economy, Business And Markets

Normal Ties to SWIFT

Normal Ties  to SWIFT  Normal Ties  to SWIFT

SWIFT, the international interbank messaging network, has processed 142,000 transactions for Iranian banks since the lifting of the sanctions against Iranian on Jan. 17 until Feb. 8, Central Bank of Iran announced in a statement. It said that all Iranian banks have now been removed from the sanctions list. However, some banks are still working on their networks and will be connected to SWIFT soon. The CBI hopes that the total number of SWIFT transactions will increase after the remaining banks join the network. In 2012, SWIFT cut off Iranian banks subjected to EU sanctions over Iran’s nuclear energy program, shutting down a major avenue of doing business with the outside world. However, Iranian banks, their overseas branches and affiliates were officially removed from SWIFT’s list of sanctions on January 17 after Iran’s nuclear accord with the six world powers came into effect.